Amnon Shashua Credit mobileye
One Zero, the new Israeli digital bank previously called The First Digital Bank, is on the verge of closing a new funding round for $62 according to a report by Calcalist. This would leave One Zero with a $320 million valuation. The company has now raised $250 million.
One Zero is a bank controlled by Prof. Amnon Shashua, and managed by Chairman of the Board of Directors Shuki Oren, and CEO Gal Bar Deah.
When One Zero won approval from the Bank of Israel a year ago, it was the first time in 43 years that a new bank was established in Israel. The decision was made after the bank completed the process of meeting the milestones set for it, and after the Supervisor’s certification of the completion of the establishment process.
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More and more, banking and finance is going digital, or if you prefer virtual. This is not about cryptocurrencies, but they are related to the subject. This is more about how banking is being done almost exclusively online these days, and through mobile devices.
Forbes explains that online banks have emerged in the financial services space as alternatives to brick-and-mortar banks, and have introduced new ways of banking. Forbes also says that today in the U.S. three in four Americans (76%) have used their primary bank’s mobile app within the last year for daily banking tasks, according to Ipsos-Forbes Advisor U.S. Weekly Consumer Confidence Survey data from February 2021.
So, a digital bank is one where a virtual process that includes online banking and more are the main way in which it does business. Digital banks must encompass the front end that consumers see, back end that bankers see through their servers and admin control panels and the middleware that connects these nodes. A digital bank should have all the same functions as a head office, such as, branch office, online service, bank cards, ATM and point of sale machines.
One Zero Digital Bank Ltd completed the process of meeting all the milestones set for the establishment of the bank, including raising the required amount of capital.
